• At nearly three quarters of a billion dollars, this is the second largest loan of its kind in Canada. 
• Nearly 1,300 rental housing homes slated for Metro Vancouver through the Apartment Construction Loan Program (ACLP).
• Grosvenor’s Brentwood Block project includes Western Canada’s tallest all rental tower. 

Today, the federal government announced an investment of over $763 million into Grosvenor’s Brentwood Block for the construction of nearly 1,300 housing units in Burnaby through its Apartment Construction Loan Program (ACLP).

The announcement was made by the Honourable Randeep Sarai, Secretary of State for International Development and Member of Parliament for Surrey Centre on behalf of the Honourable Gregor Roberston, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada, alongside Councillor Pietro Calendino, City of Burnaby, and Steve O’Connell, Chief Executive Officer of Grosvenor’s North American Property business.

Brentwood Block is a multi-phase master plan community located on a 7.9-acre site that encompasses an entire city block in the heart of Brentwood. When complete, the project will provide 1,279 rental units, 451 condominiums, and 160,000 square feet of retail and commercial space. Additionally, the site will be home to a new City of Burnaby community centre, extensive public plazas and outdoor amenity spaces.

The Government of Canada is stepping up with unprecedented investments to increase the housing supply in Canada through programs to deliver on solutions across the housing continuum. One such program is the Apartment Construction Loan Program (ACLP), which provides fully repayable low-interest loans to encourage the construction of more rentals for middle-class Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.

The federal government also launched Build Canada Homes in September as part of their broader effort to build more affordable homes. As we build a strong Canadian housing sector, purposeful collaboration will be essential. That means working with the non-profit sector to bring down costs and build homes at a scale and pace not seen in generations.

Quotes:

We need to build more, build better and build bolder. Through investments in rental housing, our government is supporting those who need it most, here in British Columbia and across the country. We are committed to strengthening communities through initiatives like this one.

– The Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada

The Government of Canada is committed to working with our partners to rise to the challenge of building more housing in Canada. Through the Apartment Construction Loan Program, we are taking action to increase the supply of new rental housing by investing more than $763 million in the construction of nearly 1,300 homes in Burnaby. This is more than just construction, it’s about creating opportunities for individuals and families to thrive, to grow, and to build their future with stability and dignity.

 – The Honourable Randeep Sarai, Secretary of State International Development and Member of Parliament for Surrey Centre

Burnaby continues to set an example for how cities can lead by working hand in hand with all levels of government and the development community to create new, affordable homes throughout our community. This federal investment is essential to ensuring projects like the Brentwood Block can move forward and reflects the kind of partnership that will move the needle on housing costs in Burnaby.

 –Mike Hurley Mayor, City of Burnaby

At Brentwood Block, we are proud to be delivering Western Canada’s tallest all rental tower as a part of our new transit oriented, amenity rich neighbourhood that includes Burnaby’s new community center. We are grateful for the partnership with CMHC, which we have built over many years; it is truly a cornerstone of this project.  The ACLP is key to this development’s viability, facilitating the Private Sector’s role in contributing much needed rental housing to Canada’s undersupplied markets. Once complete, we look forward to activating our residential homes as an integral part of our sustainably-driven, pedestrian-focused master-plan, connecting thousands of new residents in the heart of Brentwood with the wider Metro Vancouver region.  Brentwood Block continues Grosvenor’s 350-year tradition of owning and developing high-quality residential properties that serve their local communities.

– Steve O’Connell, Chief Executive Officer of Grosvenor’s North American Property business

Quick Facts:

• The $55 billion Apartment Construction Loan Program (ACLP) is providing low-cost financing to support more than 131,000 new rental homes across Canada by 2031 – 2032.
  1. The ACLP provides a stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs.
  2. As of June 2025, CMHC has committed $24.9 billion in loans through ACLP to support the creation of more than 63,500 rental homes.
  3. It is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
  4. It complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
  5. Budget 2024 announced enhancements to the ACLP which includes the program being extended from 2027 – 2028 to 2031 – 2032. The enhancements will allow applicants to apply for funding for on- and off-campus student housing to support post-secondary educational institutions as well as independent seniors housing. There are no longer minimum requirements relating to energy efficiency and accessibility, instead applicants will benefit from making stronger commitments to desired rental supply and social outcomes. 
      

Additional Information

Visit canada.ca/housing for the most-requested Government of Canada housing information.

CMHC plays a critical role as a national facilitator to promote stability and sustainability in Canada’s housing finance system. Our mortgage insurance products support access to homeownership and the creation and maintenance of rental supply. We also actively support the Government of Canada in delivering on its commitment to make housing more affordable. Our research and data help inform housing policy. By facilitating cooperation between all levels of government, private and non-profit sectors, we contribute to advancing housing affordability, equity, and climate compatibility. Follow us on X, YouTube, LinkedIn, Facebook and Instagram.

About Grosvenor

Grosvenor has operated a diversified real estate business in North America since 1952. We focus on vibrant urban locations, making a positive difference to local neighbourhoods and communities.  As of December 31, 2024, we had assets under management of US$3.5bn/C$5.0bn, including 60 high-quality properties, and is executing on a US$4.5bn/C$6.4bn development pipeline across its active markets. Consistent with the firm’s farsighted approach to ownership and development, we value long-term partnerships; across our nine active capital partners, the average relationship is 18 years. 

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